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The drip-drop of financial news about Facebook‘s impending initial public offering is starting to turn into a downpour. The company is planning to file its initial prospectus on Wednesday morning, Reuters is reporting, with the intention of raising a conservative $5 billion.

The report, through Reuters subsidiary International Financing Review, also answers the question of which bank will lead — Morgan Stanley. The others will include Bank of America Merrill Lynch, Barclays Capital, JP Morgan, and Goldman Sachs, which had appeared to be in the lead position last year after it helped Facebook raise a $1.5 billion late-stage round. However, issues around that funding may have contributed to Morgan Stanley getting the top spot.

If everything goes as planned with the SEC’s review, Facebook will likely go public in May.

The general IPO time-frame has already been widely reported. The most interesting part of this latest news, if you’re not a banker, is the relatively low amount that Facebook is seeking. Previous reports had put it seeking up to0 $10 billion. Considering the middling performance of other recent tech IPOs, Facebook appears to be wary of selling too much stock before it knows more about how the market feels. For now, the valuation and share price are still unknown, although shares on private secondary markets are currently selling at prices that would make it worth above $80 billion.

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Crunchbase

OverviewFacebook is an online social networking service that allows its users to connect with friends and family as well as make new connections. It provides its users with the ability to create a profile, update information, add images, send friend requests, and accept requests from other users. Its features include status update, photo tagging and sharing, and more.
Facebook’s profile structure includes …